MUMBAI, May 4 (Reuters) - India’s market regulator on Friday widened the window for trading equity derivatives in a move that will allow stock exchanges to offer Indian equity derivatives for nearly 14 hours a day.

The Securities and Exchange Board of India (SEBI) said it had decided to permit stock exchanges to set their trading hours for equity derivatives from 9 am (0330 GMT) to 11:55 pm.

“The introduction of the extended hours is a positive development and will bring Indian market in line with international market and Indian commodity derivative markets,” he said.

Stock exchanges wanting to extend trading hours will have to seek approval from SEBI with a proposal detailing their framework for issues such as risk management, settlement process and availability of manpower, the regulator said.

The permission to extend trading hours will be applicable from Oct. 1, SEBI said.